Hargreaves to top forecasts
FINANCIAL advisory firm Hargreaves Lansdown said yesterday it expects its full-year results to come in ahead of expectations, driven by high stockbroking dealing volumes and the recent market recovery.
The firm said revenues for the 11 months to 31 May were 10 per cent ahead of the same period last year and that full-year pre-tax profit should be slightly above the top end of market expectations, currently around £69.1m.
It added that the value of assets held within its Vantage service, a direct-to-private investor fund supermarket and wrap platform, jumped by 15 per cent between March and May. The value of the assets stood at £10.6bn at the end of last month.
Chief executive Peter Hargreaves said: “The business has again demonstrated its ability to gather assets and improve revenues even in adverse conditions.”
Hargreaves Lansdown also said it had completed an initial review of a consultation paper published last week by the Financial Services Authority for the retail investment industry.
“We can see nothing in the draft rules that will be overtly damaging to our business model,” the firm said in a statement.
The news cheered investors yesterday, sending the stock soaring 4.48 per cent to close at 210p.